Egypt, Italy strengthen cooperation with multiple agreements
Updated 3/31/2024 6:03:00 AM
Arab Finance: Egyptian Minister of International Cooperation Rania Al-Mashat has inked two cooperation agreements with the Italian Ministry of Foreign Affairs and International Cooperation, marking a new chapter in bilateral relations, as per a statement by the Egyptian side.
The first is a €3 million grant agreement in the technical support field for Egypt's industrial zones to boost production capacities of furniture, leather, and marble, emphasizing technological advancement and environmental sustainability.
Meanwhile, the second €1.8 million grant agreement aims to advance the rights of people of determination in Egypt by empowering the National Council for Persons with Disabilities. This program underscores the importance of inclusive policies and actions to uphold the rights of all citizens.
These agreements were signed amidst the inauguration of the new Italian embassy and specialized agencies' offices, where eight additional collaborative endeavors were sealed.
Notable among these agreements is a financial pact between the Central Bank of Egypt (CBE) and the Italian Loans and Deposits Fund, injecting €45 million into the Supporting the Egyptian Private Sector project for the benefit of the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA).
Furthermore, a memorandum of understanding (MoU) was inked between the Italian SACE Group and Orascom Construction aimed at providing support for Italian firms engaged in infrastructure development ventures within Egypt.
Another MoU was penned between the Italian SACE Group and the Bank of Alexandria to offer financial backing for bilateral trade initiatives involving Egyptian-Italian micro, small, and medium enterprises (MSMEs).
An agreement was signed between the Italian Loans and Deposits Fund and African Export-Import Bank (Afreximbank) at a value of €100 million to achieve sustainable development in MSME-related food security projects.
Yet another MoU has been forged between the General Confederation of Italian Industry and the Federation of Egyptian Industries (FEI) with the purpose of bolstering technical education and vocational training.
Furthermore, a MoU has been inked between the Arsenale S.P.A. group and the Egyptian National Railways to enhancing technical education and vocational training.
In addition, an agreement has been reached between the Scuola Italiana di Ospitalità and the Egyptian Pickalbatros group focusing on collaboration in the hospitality and tourism sectors of both countries through specialized professional training programs.
Egypt and Italy have a longstanding bilateral relationship dating back to 1975, with a development portfolio exceeding €82 million across various sectors.
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